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Values will not change all that much in that time.
As I have said before – wont take much to get a couple of “appraisals” done by a real estate agent and they are free. I have been told before that this could be used for ATO purposes- I mean really – most people dont even go to the trouble so are them made to work back and provide an estimate.
Get 3 real estate agents in and see what they come up with.It is pretty hard to argue with 3 appraisals if they are all in the ball park.
As a former real estate agent – we would often have the valuers ask us what the market is doing – your real estate agent is close to the action.
I know some people who post here say that a REA appraisal is not worth the paper they are written on – but agents I know are always very close to the mark.
Yes, and as Terry says – do you have the val? Some banks dont release it or disclose itCaprivik – what do you mean”victims” real estate? Do you think he ripped you off?
Yes, Corio has a shopping centre- and lots of those housing commission type houses going on- there are parts I guess that are ok – ish.
Norlane – some parts again ok- I was impressed with the parts with streets named after birds- “Swallow” and “Dove”.. Old Dept of Housing type houses but tidy. Last time I looked other side of the Freeway- Melbourne side was where those boarded up strip shops were.
Mind you – I used to think this about Fairfield, and Thornbury- how sad is this with all the boarded up shops – now it is some of the most expensive real estate in Melbourne… and Yep- used to be a lot of ne-er do gooders there too…………..A drive around the area will reveal all is my suggestion.
Yes, Richard is right – I dont understand why you have to sign- walk away until you get more advice.
Why do you have to sign the paperwork on Thursday? What is the rush?
I would suggest you speak to an accountant before you go ahead as this may seem like a good thing to do but could cost you $1000’s more?
Who is putting pressure on you to sign?
As I always say – this will not be the last investment property – there is always another around the corner.
Get it right before you go ahead.
Get advice before you sign.
Put it off- make an excuse but please see an accountant.
If you need an excuse I can lend you my handy book of 100 excuses……And don’t be pressured by a sales person saying this is your “ONLY Chance”…Yes, Melanie gives a good over view.
I would Go straight to horses mouth still and speak to Matthew Guy’s office so you might have some influence over how it plays out- not sure but its worth a try. Its too late by the time these things get to council and the public- decisions are already made.
After this – your planners will have the best idea.
Would LOVE to hear the feedback you get??
CheersThis all sounds good. I am not sure about rent at $390 pw. This sounds a bit high? It looks like a nice place…..
Vacancy rates may be low but not sure if this rent is what is the going rate in this market.
I was a former real estate agent in Melbourne – so I dont know much about Bendigo.
have you compared other properties around the area? Also prices of similar properties in the area around Bendigo?
I think Bendigo is a good place to invest- not too far from Melbourne- I found when looking at regional area’s hard to pin point what is a good price.
This property looks renovated – so you are paying for someone elses work. You say you want to renovate yourself as well but it looks like the work is already done?
Hope to see you Wednesday night and we can chat more.I have heard of them and attended a few seminars. They have some great ideas.
I am not sure about hidden costs…… they do a lot of stuff in house. A lot of very positive hype. It was when the market was better so I dont know what they are saying now.Did you go along?
How was it?Yes, Nigel is right. This is a head line.
This is not quite what I am hearing on the tv. Over the weekend they reported that prices have actually increased in inner suburbs. Come to think of it- I have been looking at prices and I cant find a bargain.
From this information- when the media is mixed about what is happening- this is when the market is at a turning point.
Buyers market now as it seems to be turning.Opee, it is worth considering what Emma has to say.
Park Trent is a large company and does a lot of property development. They have had mixed reviews. But they have been around a long time too.
Brusnwick is a good area- close to city and university and lots of amenities.Gavsam, I think it is a mine field and we dont really know what is going to come out of this until it is tested.
My understanding is and from what I have seen- local councils have not given approvals due to local pressure but it then goes to VCAT and the local council is over turned.
You could contact Matthew Guy’s (Planning Minister) office and ask these questions. I know the people in his office are quite knowledgeable on property.
After this – contact Breece at Hub Planning- he is very knowledgeable in the area. He is a town planner and I think will be across these things.Hi Tesst,
Dont beat yourself up- it is hard to know what questions to ask when you are investing in property.
You do need brokers and accountants who know what they are dong.
Even then you cant know the questions to ask until you get into it.
You have started on your journey and that is the main thing.
Good luck with your investing.Thanks Terry for you amazing insight – as was pointed out in my post – was not protected by the Trust.
Tesst- I was in the same situation- at home with the kids and title of our home was in my name but the mortgage had to be in both names- now i split with the ex and have to re finance the loans.
I would speak to an accountant who knows about property as to the best way forward.
If he is the higher earner – then why not take advantage of negative gearing.
If something happens to your relationship then everything goes into the property pool so you don’t miss out. I don’t really see any advantage of not using negative gearing. There is no benefit- you are best to take full advantage of what you can – you don’t get many from the government so you might as well use what you can. I can recommend an accountant to help you if you need one.Oh, and I think that you can get the tax back before the end of the year- like a tax break in your husbands income week by week or month to month. I cant think what is it called – but it will help raising the teenagers and is most peoples objection to property investing- that you have to find the cash week to week until the end of FY.
Hi Adk,
I am not sure why the PM is not responding to you. You cant really make assumptions about their liability- not based on whether they respond or not. On the money you received- you say in your opening line that the money was to cover loss of rent but then go on to say that the PM “claims” the money was to cover damage but in the same sentence you again say that the agent emailed you to say that it was for loss of rent?? You have in writing that the agent says the money was for loss of rent- do you have in writing that they also say it was for damage?You either made the claim for loss of rent or you made the claim for repairs. You need to be clear on that for yourself- so that you can pin down the agent on what the money was used for. If you received money back – then that is loss of rent. If the money was spent- then that was to clean up the mess- you need to have had invoices from the companies that cleaned the mess.
So the PM made a mistake in not having an inspection- that is a big call from them and says to me that they are better than to run away from mistakes.
In order to make a claim and so you have the best possible chance of making it succeed- write a list of the things you are claiming for,
make a list of the dates and how it panned out. Speak to SA Consumer Affairs and see where you go from there.
I will say again- the way it seems in law is not always the way it will pan out in court. They might accept the photos as evidence – they might not.All sounds very complicated Jenny111 but I had a similar thing years ago- I had an IP and wanted to protect it so we set up a trust. I did not understand at the time that the title had to be transferred as well. It was to protect from my ex but all that went out the window anyway when he left- I still had to declare everything. I dont get it really. But that is Family Law.
Adk, this sounds complicated. Why did you let the PM take out an insurance claim on your behalf? What does that mean?
What was the money used for? Or what did you think it was used for?
It makes it complicated that there was a second tenant… like can you be sure that the second tenant didn’t make the mess and that they just made the report this way to cover themselves? This part throws doubt on your case.
I am not sure why the PM is responsible here? Or even if they are- it would be a hard case to “get up”.. yes you can prove it with photos and all that but when you face a magistrate its a different kettle of fish.
You need to talk to the equivalent of Consumer Affairs in SA- http://www.ocba.sa.gov.au/ And go from there.
I think there is a body in Victoria – probably Consumer Affairs that you can make a complaint to but it does not do much- they might get the agent to respond but there is no resolution really.renel wrote:We have been to lots of properties, even tried to buy 2 (1 the offer was not excepted, the other had a minefield of problems when we read the strata agm). What I asking is do BA have access to other research info that I cant access?Renel do you have a program that tells you all the previous sales in the area? You would have to ask the Buyers Advocate that question. Real Estate agents have access to programs that tell them previous sales. You can get this access yourself … there are posts on this forum of people wanting to share this service. I think there is access to one you can get for about $120 a month…. but really you are saying you are doing everything and there is nothing a BA can tell you so you need to ask yourself why you are not buying.
How much do you value your time? How many hours have you put in? How much do you pay yourself?
While on the face of it- a BA might cost lets say $4000 – take into consideration how much you are paying yourself? Is it claimable (speak to an accountant)? Is this for your full time job? How much would you get back if you used a BA?
Its really up to you to decide if you are doing all that a BA can do for you or not- and how much you value your time.Thanks powderfinger- I will have a look at that site.
RPData- you can go to Free report and get just that – your free report on the area you choose.
You need a user name and password if you are using it professionally.
You can buy street reports and all that too- with house sales over the last whatever it is but NOoooo you can get a free report on how the suburb has tracked over the last 10 years I think it is.
And Nooooo I dont work for RPData either. Just love the freebie……..Terry is right- I would still steer clear of making it too complicated. Just asking for ATO to have a closer look at it.
Maybe even buy an investment property with your girlfriend and have her live somewhere else?
Do the sums- trying to make gains by trying to apply complicated tax applications is so not worth it.
You may do better to buy something in joint names and have agreements on how this is to work and what happens if … Heaven forbid you dont work out…. and it has happened before and there have been posts here…. Cover yourselves for all angles.
I truly loved my ex too…………..
